Suncorp Group releases full-year financial results

Suncorp Group releases full-year financial results | Insurance Business New Zealand

Insurance News

Suncorp Group releases full-year financial results

Three-year plan completed

Insurance News

By
Terry Gangcuangco

Suncorp Group has published its financial results for the year ended June 30, 2023 (FY23).

Here’s how the trans-Tasman insurer performed in the period:

Metric/source

FY23

FY22

Insurance (Australia) profit after tax

AU$755 million

AU$174 million

Suncorp New Zealand profit after tax

AU$105 million

AU$155 million

Suncorp Bank profit after tax

AU$470 million

AU$368 million

Profit after tax from ongoing functions

AU$1.33 billion

AU$697 million

Other profit/(loss) after tax

AU$(76 million)

AU$(24 million)

Cash earnings

AU$1.25 billion

AU$673 million

Group net profit after tax

AU$1.15 billion

AU$681 million

In its earnings report, Suncorp said it has successfully completed the company’s three-year plan to FY23, achieving Suncorp’s key financial and operational targets.

Commenting on the numbers, group chief executive Steve Johnston said: “Our dedicated focus on digitising and automating, reinvigorating our leading brands, becoming more efficient, and improving how we serve our customers has helped us to deliver strong top-line growth across our businesses and improve underlying margins.

“Our Australian and New Zealand businesses have achieved strong growth in premiums, while unit growth across consumer portfolios demonstrates the value of our products and brands. The bank’s continued growth in home lending demonstrates the benefits of improved broker and customer experiences.”

Gross written premium in Australia and New Zealand grew by 10.6% and 14.3%, respectively.

Meanwhile, as previously reported, Suncorp will be supporting Australia and New Zealand Banking Group (ANZ) through the merger authorisation process following the Australian Competition & Consumer Commission’s decision to block the sale of Suncorp Bank to ANZ.

Additionally, the Suncorp board has determined to pay a fully franked final ordinary dividend of AU27¢ per share.

In New Zealand, Suncorp NZ CEO Jimmy Higgins commented: “Suncorp maintains a strong reinsurance programme and good capitalisation, which has helped the business support customers, particularly through the events of the past six months.

“This result has been heavily impacted by the recent large-scale weather events, in addition to some smaller but impactful rain events throughout the year. So far, we’ve paid out to customers more than 66% of the 32,000 claims from the North Island floods and Cyclone Gabrielle events this year, and all our efforts remain on supporting our customers back into their homes and businesses.”

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